Senate Study Bill 1001 SENATE FILE BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CO=CHAIRPERSONS BEHN and WARNSTADT) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to financial institutions, by prohibiting the 2 deceptive use of name, and providing remedies and penalties. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1492SC 81 5 eg/gg/14 PAG LIN 1 1 Section 1. NEW SECTION. 524A.1 DEFINITION. 1 2 As used in this chapter, unless the context otherwise 1 3 requires, "financial institution" means the same as defined in 1 4 section 527.2. 1 5 Sec. 2. NEW SECTION. 524A.2 MISUSE OF NAME == PENALTY. 1 6 1. A person who uses the name, trademark, logo, or symbol 1 7 of a financial institution in connection with the sale, 1 8 offering for sale, distribution, or advertising of any product 1 9 or service without the consent of the financial institution, 1 10 if such use is misleading or deceptive as to the source of 1 11 origin or sponsorship of, or the affiliation with, the product 1 12 or service, is guilty of a serious misdemeanor. 1 13 2. A financial institution may bring an action to enjoin 1 14 the misleading or deceptive use prohibited in subsection 1 and 1 15 recover all damages suffered by reason of the prohibited use, 1 16 including reasonable attorney fees. The financial institution 1 17 may recover any profits derived from the prohibited use. This 1 18 subsection does not preclude any other remedy provided by law. 1 19 EXPLANATION 1 20 This bill prohibits the misleading and deceptive use of a 1 21 financial institution's name, trademark, logo, or symbol. 1 22 Violators are guilty of a serious misdemeanor. A serious 1 23 misdemeanor is punishable by confinement for no more than one 1 24 year and a fine of at least $250 but not more than $1,500. 1 25 Financial institutions may seek to enjoin the prohibited use, 1 26 damages, and attorney fees. 1 27 LSB 1492SC 81 1 28 eg/gg/14